Correlation Between JiShi Media and Fushun Special
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By analyzing existing cross correlation between JiShi Media Co and Fushun Special Steel, you can compare the effects of market volatilities on JiShi Media and Fushun Special and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in JiShi Media with a short position of Fushun Special. Check out your portfolio center. Please also check ongoing floating volatility patterns of JiShi Media and Fushun Special.
Diversification Opportunities for JiShi Media and Fushun Special
0.94 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between JiShi and Fushun is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding JiShi Media Co and Fushun Special Steel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fushun Special Steel and JiShi Media is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on JiShi Media Co are associated (or correlated) with Fushun Special. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fushun Special Steel has no effect on the direction of JiShi Media i.e., JiShi Media and Fushun Special go up and down completely randomly.
Pair Corralation between JiShi Media and Fushun Special
Assuming the 90 days trading horizon JiShi Media Co is expected to generate 1.07 times more return on investment than Fushun Special. However, JiShi Media is 1.07 times more volatile than Fushun Special Steel. It trades about 0.01 of its potential returns per unit of risk. Fushun Special Steel is currently generating about -0.05 per unit of risk. If you would invest 208.00 in JiShi Media Co on August 25, 2024 and sell it today you would lose (23.00) from holding JiShi Media Co or give up 11.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
JiShi Media Co vs. Fushun Special Steel
Performance |
| Timeline |
| JiShi Media |
| Fushun Special Steel |
JiShi Media and Fushun Special Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with JiShi Media and Fushun Special
The main advantage of trading using opposite JiShi Media and Fushun Special positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if JiShi Media position performs unexpectedly, Fushun Special can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Fushun Special will offset losses from the drop in Fushun Special's long position.| JiShi Media vs. Chengdu Kanghua Biological | JiShi Media vs. Beijing Wantai Biological | JiShi Media vs. Suzhou Novoprotein Scientific | JiShi Media vs. Aluminum Corp of |
| Fushun Special vs. Zijin Mining Group | Fushun Special vs. Wanhua Chemical Group | Fushun Special vs. Baoshan Iron Steel | Fushun Special vs. Shandong Gold Mining |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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